Trader Peter Tuchman works on the floor of the New York Stock Exchange, Friday, June 24, 2016. (AP Photo/Richard Drew)

(Newser)
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Stocks ended lower on Wall Street, by declines in real estate companies and utilities, the AP reports. Federal Realty Investment trust lost almost 4% Monday, one of the biggest declines in the Standard & Poor's 500 index. Merrimack Pharmaceuticals, which develops cancer drugs, slumped 5% after announcing that it would cut almost a quarter of its workforce and would look for a new CEO. Janus Capital surged 12% after announcing it is merging with another investment company. The Dow Jones industrial average fell 54 points, or 0.3%, to 18,253. The S&P 500 index lost 7 points, or 0.3%, to 2,161. The Nasdaq composite declined 11 points, or 0.4%, to 5,300.

For most of a year, the market couldn't stay above 18,000 (DJIA.) Now, that looks like a pretty firm bottom. While I'm not a fan of technical analysis, I do believe in the old saw of "Don't fight the tape." The market is fairly valued fundamentally, but there is little place for money to flow but the market. So let's call this the start of the next bubble.